The 1920’s were a very big and good time for Canada economically. It is usually referred to as the “roaring 20’s”. Some of the new manufacturing inventions which really helped the Canadian economy were the invention of the car, radio, farming equipment, ships, and furniture. When inventions such as the car were invented, many people started to invest in the manufacturing industry. The cars were so popular that by the end of the 20’s there were 1.25 million vehicles sold to people. The radio was also very important to the economy because it was also popular in sales. The radio was a revolutionary idea which people were excited for. This is due to the fact that now people could listen to the news and everything through the radio. With all the manufacturing of the farming equipment, ships, furniture, car, and radio, it made an overall strong economy for Canada. This is because they made those from their own resources and were able to provide material so they didn’t need to spend money or borrow anything leaving them independent. Canada was very successful in agriculture and fishing as well. They were large producers of wheat, dairy, soya, corn, and fish. Canada had a great deal of farming land and was able to farm and grow a lot of crops particularly wheat and barley which it could export to expand trade. Canada was also fortunate to be rich in natural minerals that the world wanted such as nickel, gold, iron, silver, and copper. In those years these minerals were in great supply and cheap to mine. Canada also had a huge reserve of oil and gas which helped the local economy with cheap fuel. Huge hydroelectric projects like Niagara Falls provided Ontario with cheap electricity for manufacturing. These all really helped with the economy due to the fact that they had a huge amount of products that they could sell without having to spend or borrow money.
Canada was always rich in natural resources which everyone wanted. Some of these resources include lumber, mining, oil, and gas. Before Canada heavily depended on its natural resources for international trade. Canada had a lot of these resources so they were able to produce a lot of product to trade with. Around 54% of Canada’s exports were natural resources which is over half of what Canada gave to countries. This was good for the economy because it would give them product to sell without having to pay or borrow. Along with their natural resources, another popular trading product was their weapons they created. In the second world war Canada became a necessity that other countries could not live without as it became a mass producer of guns, military transportation vehicles and other types of weaponry to help in war. Canada was very successful in the weapon industry. This was really good for war especially because these would contribute into war for Canada and allies which would help them be successful in war. This also helped with an economical impact. With Canada producing these weapons and transportation, they would become independent and not have to depend on borrowing money and buying weapons. These 2 types of export were especially to the economy therefore, prove that international trade helped boost the economic independence of Canada.
When Prime Minister Mackenzie King was re elected to be Prime Minister for the second time, he helped Canada out of the great depression. Canada had voted for him because they were hopeful he would get them out of the great depression. They also felt he was a way better fit for Canada rather than R.B. Bennet who was one of the most hated Canadian Prime ministers in history. King and his government were very promising and hopeful. They really believed and worked hard to get Canada’s economy going. They had managed to pass the 1935 Reciprocal Trade Agreement. This was a very big moment in Canadian history and really help boost the economy. This is because it brought Canada-US trade back up to better rates. It also made a huge decrease on the tariffs. Helping out during the Great Depression was not the only thing Mackenzie King helped out with. He also contributed when it came to signing the Halibut treaty. Britain decided they would sign along with Canada because that’s what they were used to. Prime Minister Mackenzie King decided it was not a matter for Britain to sign and that they should sign on their own. He fought hard for that and Canada had signed it independent from Britain. This didn’t directly help the economy but the outcome did. Now that they had more independence to sign on treaties, they could have more freedom. They were allowed to fish in this example which led them to being able to using their fish to expand on the industry. Mackenzie King was definitely important to Canadian economic independence because without these 2 significant events in history, Canada would definitely be less economically independent.
Unlike many countries, Canada’s natural resources and growing population has always given it an advantage in the world economy. Overall, Canada’s industrialization, international trade and former prime minister Mackenzie king all contributed to Canada being economically independent. Without these 2 events and Mackenzie King, Canada’s economy would have totally been different because it would be less independent. For the 20th century, these advantages made it a very prosperous country however, these advantages may not last into the 21st Century and Canada will have to rely more on technology and innovation.